As usual Marcus Gee has hit the nail on the head. Perhaps the Premier should read this before she dismantles the Ontario Municipal Board and destroys Toronto’s development industry. Bill 139 will pass in the next few days. From here on the city councillor is ‘King’ of their Ward. NOWHERE in Canada does one person have so much power to decide what gets built or doesn’t get built. Who influences a councillor? NIMBYS, that’s who.
This is the death of Toronto’s great comeback. Today real estate condo prices are $1000 per square foot downtown. Thanks to this bill we are going to see rampant price inflation. I believe that $1500 per square foot will be a reality in 5-6 years. There is some product in the development pipeline but not more than two or three years supply. After this ‘poof’, nothing. If you don’t think this is going to negatively affect you, think again. This act will create a massive density dump in the central core. Less density, less housing. My development company is no longer buying development sites in Toronto. It’s over.